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Credit Suisse posts heavy loss after US tax fine

AFP

The New York offices of Credit Suisse are shown on Madison Avenue on May 19, 2014The New York offices of Credit Suisse are shown on Madison Avenue on May 19, 2014

The New York offices of Credit Suisse are shown on Madison Avenue on May 19, 2014The New York offices of Credit Suisse are shown on Madison Avenue on May 19, 2014

Credit Suisse Tuesday posted a net second-quarter loss of 700 million Swiss francs (576 million euros, $778 million) as a multi-billion-euro US tax evasion fine sent it deep into the red.

The Swiss banking giant paid a $2.6 billion settlement to US authorities in May over tax evasion charges -- helping thousands of wealthy Americans hide money in offshore accounts to avoid taxes.

Its quarterly losses exceeded the forecasts of analysts who had expected them to reach 600 million Swiss francs. Last year Credit Suisse posted a 1.04-billion-franc profit over the same period.

The US fine heavily impacted the giant's private banking and wealth management divisions, which racked up pre-tax losses of 749 million Swiss francs, the bank said in a statement.

This was offset by corporate banking activities which generated a pre-tax profit of 752 million Swiss francs, on a par with the same period last year but down nine percent since the first quarter.

Date created : 2014-07-22